FRC reports on latest findings on audit quality inspections

Each summer, the UK’s Financial Reporting Council (FRC) reports on the latest findings from its audit quality inspections. Despite the broader focus on audit quality since the collapse of Carillion in January 2018, the message resulting from the latest round of reviews is unchanged: the firms should do more to improve their audits. This article focuses on the findings on KPMG, which was once again singled out for particular criticism in the report.